Paritosh's Feed
Nov 7, 2012

Obama backer Pritzker sees long fight on fiscal cliff

NEW YORK (Reuters) – Penny Pritzker, a U.S. businesswoman and long-time supporter of President Barack Obama, said resolution of a looming debt crisis facing the country will take a long, drawn-out fight with Republicans and require the influence of ordinary Americans on legislators.

Pritzker, who was national co-chair of the president’s reelection campaign – Obama for America 2012 – said in a phone interview on Wednesday that the president had told her his top priority after the election was resolving the fiscal cliff problem. That is a reference to a package of federal spending cuts and tax increases set to begin in January that could push the U.S. into a new recession.

Oct 9, 2012

Exclusive: AEG auction starts; Anschutz seeks bids in $10 billion range

NEW YORK (Reuters) – Billionaire Phil Anschutz has kicked off the auction of his Anschutz Entertainment Group, with an expectation that the sports and entertainment giant should draw bids in the $10 billion range, higher than previously believed, according to sources familiar with the situation.

The initial, 25-page AEG information memorandum that describes the business but has no financial information was expected to go to “dozens” of potential buyers on Monday, the sources said. The initial group of recipients is expected to include rich individuals, rivals, sovereign wealth funds, real estate firms, and private equity firms, they said.

Oct 3, 2012

Exclusive: Best Buy founder presses forward on possible $11 billion buyout plan

NEW YORK (Reuters) – Best Buy Co Inc founder Richard Schulze and at least four private equity firms have started examining the books of the world’s largest consumer electronics chain, early steps toward what could become a potential $11 billion buyout, according to people familiar with the matter.

Apollo Global Management LLC, Cerberus Capital Management LP, TPG Capital LP and Leonard Green & Partners LP are among firms that are conducting due diligence on Best Buy, as are Schulze and his financial advisers at Credit Suisse Group AG, several sources told Reuters.

Aug 2, 2012

Biotech M&A at 4-year high as pharma faces expiring patents

By Soyoung Kim and Paritosh Bansal

(Reuters) – Global biotech merger volume has reached levels not seen in four years as big pharmaceutical companies pursue deals to get access to new drugs, with bankers saying therapeutic areas such as cancer, inflammation and autoimmune diseases are proving to be especially attractive.

Large pharmaceutical companies that have expired patents are looking for products to supplement their drug development efforts and sometimes to also give their primary-care sales forces more drugs to sell, according to healthcare bankers at Credit Suisse Group (CSGN.VX: Quote, Profile, Research, Stock Buzz).

Aug 1, 2012

Credit Suisse names DeNunzio global chairman of M&A

Aug 1 (Reuters) – Credit Suisse Group AG named
veteran investment banker David DeNunzio as global chairman of
mergers and acquisitions, as part of a broader reshuffling of
the group in recent weeks, according to an internal memo on
Wednesday.

DeNunzio’s appointment comes after Steve Koch, who was
co-chairman of the M&A group, decided to retire to become the
deputy mayor of Chicago, effective Sept. 4.

Jul 19, 2012

Washington Mutual plans to come back to life

By Paritosh Bansal

(Reuters) – The remnants of Washington Mutual Inc, the biggest U.S. bank to fail, has hired Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) to advise it on how to grow — possibly in a business other than banking.

In an unusual step, WMI Holdings (WMIH.PK: Quote, Profile, Research, Stock Buzz), the parent company of the failed bank, is considering buying companies or starting businesses using a $125 million credit facility, “substantial cash” and advice from the Wall Street private equity company.

Jul 19, 2012

Surge in biotech deals to unlock big investor profits

NEW YORK (Reuters) – Large investors in U.S. biotech companies are likely to capture serious windfall profits as deal activity picks up in the sector.

A Reuters analysis of investors’ average cost found that six U.S. biotech companies flagged as potential takeover targets could yield billions of dollars in profits for their major shareholders at current share prices.

Jul 18, 2012

Dealtalk: Surge in biotech deals to unlock big investor profits

NEW YORK (Reuters) – Large investors in U.S. biotech companies are likely to capture serious windfall profits as deal activity picks up in the sector.

A Reuters analysis of investors’ average cost found that six U.S. biotech companies flagged as potential takeover targets could yield billions of dollars in profits for their major shareholders at current share prices.

Jul 11, 2012

Canada’s TMX in talks to buy Direct Edge -sources

NEW YORK/TORONTO, July 11 (Reuters) – TMX Group Inc,
the operator of the Toronto Stock Exchange, is in talks to buy
U.S. stock market operator Direct Edge Holdings LLC, sources
familiar with the matter said on Wednesday.

The deal hinges on TMX closing its own deal to be acquired
by Maple Group, a consortium of Canadian banks, pension funds
and financial firms, one source said.

Jul 10, 2012

Exclusive: Icahn offered to settle with Forest before battle

NEW YORK (Reuters) – Activist investor Carl Icahn said he had initially tried to avoid a proxy fight against Forest Laboratories Inc and had offered to take at least two seats on the U.S. drugmaker’s board, but he was rebuffed, leading to a battle that is becoming increasingly bitter and personal.

Icahn, Forest’s second-largest shareholder with a stake of about 10 percent, re-launched a proxy battle against the maker of the Lexapro antidepressant in recent months and has now nominated four directors for Forest’s board, after losing a similar battle for board seats last year.